BLACK MONEY NOT PREFFERED BY INDIANS ANY MORE
Data released by the Dept. of Income Tax shows a tremendous jump in E filling of Returns in FY 2012-13 as compared to the Previous FY 2011-12. More than 30% assessees opted for E -Filing mode. It may be due to faster processing of Returns/Refunds, user friedly protal provided by the dept., statutory compliance of law as the tax payor having income more than Rs. 10 Lcas was compulsorily supposed to E- File, Indian assessees/tax professionals getting more computer savy.
Indians also seems to have become richer as the e filing Bar Graph clearly depicts remarkable in crease in higher income retuns filed during the FY 2012-13 as copmared to FY 2011-12 or they may be less interested in keeping unaccounted money.
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